82 Amendments of Agnes JONGERIUS related to 2018/0212(COD)
Amendment 40 #
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the establishment of a European Investment Stabilisation FunctionProtection Scheme
Amendment 44 #
Proposal for a regulation
Recital 1
Recital 1
(1) The promotion of economic, social and territorial cohesion, solidarity among Member States, social justice and protection and the establishment of an economic and monetary union (EMU) are key objectives under the Treaties. The Union shall work for the sustainable development of Europe, aiming at full employment and social progress.
Amendment 46 #
Proposal for a regulation
Recital 3
Recital 3
(3) Member States should conduct their economic policies and should coordinate them in such a way as to attain the objective of strengthening economic, social, and territorial cohesion. Shocks may put at risk this objective while a stabilisation instrument would allow Members States to contribute to it.
Amendment 52 #
Proposal for a regulation
Recital 3
Recital 3
(3) Member States should conduct their economic and social policies and should coordinate them in such a way as to attain the objective of strengthening economic, social, and territorial cohesion, social justice and protection.
Amendment 55 #
Proposal for a regulation
Recital 4
Recital 4
(4) The unprecedented financial crisis and economic downturn that hit the world and the euro area has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to absorb large asymmetric shocks, often worsening social imbalances and inequalities. Deep and sustained recessions have considerable negative effects – both as the long-term unemployed workers lose their skills, as well as the economy losing productive capacity due to prolonged under- investment caused by insufficient aggregate demand.
Amendment 64 #
Proposal for a regulation
Recital 6
Recital 6
(6) The financial crisis has resulted in a pro-cyclical pattern for fiscal policies, which has been detrimental to the quality of public finances and in particular for public investment and national unemployment schemes. In turn, that shortcoming has contributed to widespread differences in macroeconomic performance between Member States, imperilling cohesion.
Amendment 64 #
Proposal for a regulation
Recital 7
Recital 7
(7) Additional instruments are therefore necessary to avoid in the future that large asymmetric shocks result into deeper and broader situations of stress and weaken cohesioneconomic, territorial and social cohesion and increase inequalities and poverty. These instruments should address the crucial macroeconomic problem of insufficient aggregate demand during recessions leading to a prolonged stagnation, especially after asymmetric shocks. This also means stimulating domestic demand through wage increases, supporting unemployment schemes and public investment, as the right trigger for productivity increases.
Amendment 67 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8 a) However, financial instruments such as loans or guarantees cannot adequately replace investments in social and sustainability projects. In the context of a highly volatile political climate, more flexibility to allow for productive public spending coupled with a more ambitious reform of the eurozone are both urgently required.
Amendment 70 #
Proposal for a regulation
Recital 11
Recital 11
(11) At Union level, the European Semester of economic and social policy coordination is the framework to identify national reform priorities and monitor their implementation, including the implementation of the principles of the European Pillar of Social Rights. Member States develop their own national multiannual investment strategies in support of those reform priorities. Those strategies should be presented alongside the yearly National Reform Programmes as a way to outline and coordinate priority investment projects to be supported by national and/or Union funding. They should also serve to use Union funding in a coherent manner and to maximise the added value of the financial support to be received notably from the programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development,, the EISF and Invest EU, where relevant.
Amendment 71 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) A stabilisation instrument would avoid negative impacts on potential growth as a shock on public investment or employment can easily turn into structural. This would affect primarily the hit Member State but, as the euro area is very integrated, it would damage growth prospects of other Members States. The most efficient channel to produce this spill over effect is trade. Therefore, a stabilisation tool is not only a matter of solidarity but also of economic policy.
Amendment 74 #
Proposal for a regulation
Recital 8
Recital 8
(8) In particular, in order to support Member States whose currency is the euro to respond better to rapidly changing economic circumstances and stabilise their economy by preserving public investment and financing national unemployment schemes in the event of large asymmetric or symmetric shocks, a European Investment Stabilisation Function (EISFProtection Scheme (EPS) should be established.
Amendment 74 #
Proposal for a regulation
Recital 14
Recital 14
(14) The activation of EISF support should therefore be determined by a double activation trigger based on both the level of national unemployment rate compared to its past average and the change in unemployment compared to a certain threshold. However, having unemployment as the sole criterion to activate support may lead to some deficiencies with regard to the timeliness of the stabilisation function. Other complementary indicators which normally precede unemployment in terms of predicting an impending large shock could be considered in a way that an initial level of support can be triggered before the "large" shock is fully transmitted to the unemployment.
Amendment 78 #
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) It is important to have an instrument in place that can be activated before there is a negative impact on the labour market. It is necessary to complement the unemployment criterion with a set of early warning indictors that can help to assess the risks of an economic shock well in advance to ensure the timelines and effectiveness of the proposed stabilisation function. In this way, the proposed stabilisation function would be much more timely and effective. Supplementary indicators that complement the unemployment rate are needed to provide for a more complete picture of the impacts in the labour market. Underemployed part-time workers, persons seeking work but not immediately available and persons available to work but not seeking are indicators that supplement the unemployment rate, thus providing an enhanced and richer picture than the traditional labour status framework and a more accurate information about the real impact of unemployment in the macroeconomic stability of the Member State.
Amendment 79 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) This Regulation does not affect terms and conditions of Member States' unemployment schemes nor does it affect relations between social partners, including the right to negotiate and conclude collective agreements in accordance with national law.
Amendment 79 #
Proposal for a regulation
Recital 14 b (new)
Recital 14 b (new)
(14 b) In 2017, there were 8.973 million underemployed part-time workers in the EU-28. In addition to this, 8.127 million persons were available to work, but did not look for a job, and another 2.289 million persons were looking for jobs, without being able to start working within a short time period. These two last groups are normally jointly referred to as the potential additional labour force. In total this means that in 2017 in the EU-28, 19.389 million persons had some resemblance to being unemployed, without fulfilling all the ILO criteria for being so. This is almost the same amount of persons who were unemployed according to the ILO criteria (18.776 million).
Amendment 80 #
Proposal for a regulation
Recital 14 c (new)
Recital 14 c (new)
(14 c) The 15 year average unemployment rate which has to be exceeded for a Member State to qualify for support may work against countries that have been successful in reducing structural unemployment. A shorter time frame would be more suitable.
Amendment 83 #
Proposal for a regulation
Recital 9
Recital 9
(9) EISFPS should not only benefit Member States whose currency is the euro but also other Member States that participate in the exchange rate mechanism (ERM II).
Amendment 85 #
Proposal for a regulation
Recital 21
Recital 21
(21) (21) Member States should invest the support received under EISF in eligible public investment and also maintain the level of public investment in general compared to the average level of public investment over the five last years in order to ensure that the objective pursued by this Regulation is achieved. In that respect, there is the expectation that Member States should give priority, amongst others, to maintaining eligible investment in programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund Plus, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development.. While the Commission manages the public investment financed loans provided through the EISF, the Member State concerned should be allowed sufficient leeway in determining the type of investment required and a balance should be struck between the Commission's oversight on one side and, on the other hand, the concerned Member State's discretion on public spending
Amendment 89 #
Proposal for a regulation
Recital 10
Recital 10
(10) EISFPS should be a Union instrument which complements national fiscal policies. It should be recalled that Member States should pursue sound fiscal policies and build up fiscal buffers in favourable economic times.
Amendment 93 #
Proposal for a regulation
Recital 11
Recital 11
(11) At Union level, the European Semester of economic policy coordination is the framework to identify national reform priorities and monitor their implementation. Member States develop their own national multiannual investment strategies in support of those reform priorities. Those strategies should be presented alongside the yearly National Reform Programmes as a way to outline and coordinate priority investment projects to be supported by national and/or Union funding. They should also serve to use Union funding in a coherent manner and to maximise the added value of the financial support to be received notably from the programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development,, the EISFPS and InvestEU, where relevant.
Amendment 101 #
Proposal for a regulation
Article 4 – paragraph 1 – point b a (new)
Article 4 – paragraph 1 – point b a (new)
b a) The potential impact of significant changes in the underemployment and the potential additional labour force rates shall be considered in the calculation of the unemployment, when those rates are above the EU average rates.
Amendment 105 #
Proposal for a regulation
Recital 13
Recital 13
(13) EISFPS support should be given in case one or several Member States whose currency is the euro or other Member States that participate in the exchange rate mechanism (ERM II) are confronted with a large asymmetric shock. Changes in unemployment rates are highly correlated with business cycle fluctuations in such Member States. Strong increases in national unemployment rates above their long-term averages are a clear indicator of a large shock in a specific Member State. Asymmetric shocks affect one or several Member States significantly more strongly than the average of Member States.
Amendment 107 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1 – point b
Article 5 – paragraph 1 – subparagraph 1 – point b
(b) maintain, at least, the same level of its public investment compared to the average level of its public investment in the five previous years.
Amendment 110 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 2
Article 5 – paragraph 1 – subparagraph 2
The Commission may nevertheless conclude whenbefore adopting the decision in accordance with Article 6(2) that such level of public investment is unsustainable, in which case it shall determinepropose to the European Parliament without delay the level of public investment to be maintained. The European Parliament may invite the Member State concerned to an exchange of views before the competent committee of the European Parliament.
Amendment 115 #
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 2 – point b
Article 22 – paragraph 5 – subparagraph 2 – point b
(b) the contribution by EISF to the conduct of the economic and social policies of Member States in such a way as to strengthen economic, social and territorial cohesion in the Union;
Amendment 116 #
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 2 – point c
Article 22 – paragraph 5 – subparagraph 2 – point c
(c) the contribution of this Regulation to the achievement of the Union's strategy for growth and jobs;aims as set in article 3 TEU and the European Pillar of Social Rights.
Amendment 118 #
Proposal for a regulation
Annex II – point 2 – paragraph 1 – point c
Annex II – point 2 – paragraph 1 – point c
(c) employment, unemployment rate, underemployment rate, potential additional labour force rate, participation rates, indicators of part time employment, hours worked, ;
Amendment 120 #
Proposal for a regulation
Annex II – point 2 – paragraph 1 – point c a (new)
Annex II – point 2 – paragraph 1 – point c a (new)
(c a) Inequalities, poverty and material depravation
Amendment 121 #
Proposal for a regulation
Annex II – point 2 – paragraph 1 – point e
Annex II – point 2 – paragraph 1 – point e
(e) gross fixed capital formation financed by programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund Plus, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development;
Amendment 125 #
Proposal for a regulation
Recital 16
Recital 16
(16) Member States whose currency is the euro which benefit from financial assistance by the ESM, the European Financial Stabilisation Mechanism (EFSM) or the International Monetary Fund (IMF) and which are under a macro-economic adjustment programme within the meaning of Article 7(2) of Regulation (EU) No 472/2013 of the European Parliament and of the Council12 should not benefit from EISFPS support since their financing needs including for maintaining public investment are addressed via the financial assistance granted. _________________ 12 Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability, (OJ L 140, 27.5.2013, p. 1).
Amendment 130 #
Proposal for a regulation
Recital 17
Recital 17
(17) Member States with a derogation which benefit from balance of payments support within the meaning of point (a) of Article 3(2) of Council Regulation (EC) No 332/200213 should not benefit from EISFPS support since their financing needs including for maintaining public investment are addressed via the medium- term financial assistance facility granted. _________________ 13 Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium-term financial assistance for Member States' balance of payments (OJ L 53, 23.2.2002, p.1).
Amendment 133 #
Proposal for a regulation
Recital 18
Recital 18
(18) EISFPS support should take the form of loans to the Member States concerned. That instrument would provide them with financing to continue executing public investment and support national unemployment scheme.
Amendment 140 #
Proposal for a regulation
Recital 20
Recital 20
(20) With a view to swiftly provide EISFPS support, the competence for granting the loans when the eligibility and activation criteria are fulfilled and deciding on granting interest rate subsidies should be entrusted to the Commission.
Amendment 144 #
Proposal for a regulation
Recital 21
Recital 21
(21) Member States should invest the support received under EISFPS in eligible public investment and also maintain the level of public investment in general compared to the average level of public investment over the five last years in order to ensure that the objective pursued by this Regulation is achieved. In that respect, there is the expectation that Member States should give priority to maintaining eligible investment in programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development..
Amendment 152 #
Proposal for a regulation
Recital 23
Recital 23
(23) The maximum level of eligible public investment that could be supported by EISFPS loan for a Member State should be automatically set on the basis of a formula which captures the ratio of public eligible investment to gross domestic product (GDP) in the Union over a period of five years before the Member State concerned requests a loan and its GDP over the same period. The maximum level of eligible public investment should also be scaled by means of scaling factor (α) towards the fixed ceiling in the Union budget. That factor is determined such that with hindsight of the recent crisis, all the EISFPS support could have been provided to the Member States concerned, had the mechanism been in place.
Amendment 156 #
Proposal for a regulation
Recital 24
Recital 24
(24) The amount of EISFPS loan should also be automatically determined on the basis of a formula which firstly takes into account the maximum level of eligible public investment that can be supported under EISFPS and secondly the severity of the large asymmetric shock. The support determined on the basis of that formula should also be scaled in function of the severity of the shock by means of a factor (β). That factor is determined such that for a shock that increases unemployment by more than 2.5 percentage points, the maximum support is made available to the Member State concerned. An EISFPS loan could be increased up to the maximum level of eligible public investment in case the asymmetric shock is particularly severe as reflected by other indicators of the Member State's position in the economic cycle (e.g. confidence surveys) and a deeper analysis of the macroeconomic situation (as conducted in particular in the context of the macroeconomic forecast and the European Semester). With a view to ensure that as many Member States as possible could qualify for support under EISFPS, the loan to a Member State should not exceed 30 percent of the remaining available means under the ceiling set for calibrating the loans under EISFPS to the available means in the Union budget.
Amendment 160 #
Proposal for a regulation
Recital 25
Recital 25
(25) The amount of EISFPS interest rate subsidies should be determined as a percentage of the interest rate costs incurred by the Member State on the loan granted under the EISFPS.
Amendment 164 #
Proposal for a regulation
Recital 26
Recital 26
(26) A Stabilisation Support Fund should be established to finance the interest rate subsidy and to support national unemployment. The Stabilisation Support Fund should be endowed with national contributions from Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II).
Amendment 172 #
Proposal for a regulation
Recital 27 a (new)
Recital 27 a (new)
(27a) Within five years, at most, of the date of entry into force of this Treaty, on the basis of an assessment of the experience with its implementation, the necessary steps should be taken, in accordance with the Treaty on the European Union and the Treaty on the Functioning of the European Union, with the aim of incorporating the substance of this Treaty into the legal framework of the European Union.
Amendment 179 #
Proposal for a regulation
Recital 30
Recital 30
(30) In order to increase the impact of public investment and potential EISFPS support the quality of Member States' public investment systems and practices should be ensured and where appropriate strengthened. An assessment by the Commission should be carried out regularly and take the form of a report and if warranted contain recommendations to improve the quality of public investment systems and practices in Member States. A Member State could request technical assistance from Commission. The latter could undertake technical missions.
Amendment 192 #
Proposal for a regulation
Recital 33
Recital 33
(33) EISFPS should be considered as a first step in the development over time of a fully-fledged insurance mechanism to cater for macro-economic stabilisation. Currently, EISFPS would be based on loans and granting of interest rate subsidies. In parallel, it is not excluded that the ESM or its legal successor wshould be involved in the future become the backstop for the EPS by providing financial assistance to Member States whose currency is the euro facing adverse economic conditions in support of public investment. Moreover, a voluntaryn insurance mechanism with a borrowing capacity based on voluntary contributions by Member States cshould be set up in the future to provide for a powerful instrument for the purpose of macro-economic stabilisation against asymmetric and symmetric shocks.
Amendment 197 #
Proposal for a regulation
Recital 36
Recital 36
(36) Since the objective of this Regulation, namely setting up a European Investment and Employment Stabilisation Function to absorb large symmetric and asymmetric shocks which risk imperilling economic and social cohesion cannot be sufficiently achieved by Member States due to the architecture of the EMU with a centralised monetary policy but national fiscal policies, but can rather, by reason of the scale of action required be better achieved at the Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives,
Amendment 198 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes a European Investment and Employment Stabilisation Function (EISF).: the European Protection Scheme (EPS)
Amendment 201 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EISFPS shall provide swift financial assistance in the form of loans and interest rate subsidies for public investmentfor public investment and national unemployment schemes to a Member State which is experiencing a large symmetric or asymmetric shock.
Amendment 212 #
Proposal for a regulation
Article 1 – paragraph 3
Article 1 – paragraph 3
3. EISFPS support shall be available for Member States whose currency is the euro and for other Member States that participate in the exchange rate mechanism referred to in Article 140(1) of the Treaty on the Functioning of the European Union.
Amendment 221 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)
Article 2 – paragraph 1 – point 3 a (new)
(3a) ‘unemployment financing’ means: financing for national unemployment scheme for unemployment benefits paid to unemployed persons.
Amendment 228 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) 'EISFPS support' means Union financial assistance within the meaning of Article [220] of the Financial Regulation in the form of loans and interest rate subsidies under the EISFPS in support of eligible public investment;
Amendment 238 #
Proposal for a regulation
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
1. A Member State shall be eligible for EISFPS support where it is not subject to:
Amendment 243 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) a decision of the Council establishing that no effective action has been taken to correct its excessive deficit under Article 126(8) or Article 126(11) of the Treaty on the Functioning of the European Union in the two years prior to requesting support from the EISFPS;
Amendment 246 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
Amendment 251 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) a decision of the Council in accordance with Article 6(2) or Article 10 of Council Regulation (EU) No 1466/9719 establishing that no effective action has been taken to address the observed significant deviation in the two years prior to requesting support from the EISFPS; _________________ 19 Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies OJ L 209, 2.8.1997, p. 1
Amendment 257 #
Proposal for a regulation
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) two successive recommendations of the Council in the same imbalance procedure in accordance with Article 8(3) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council20 on grounds that the Member State concerned has submitted an insufficient corrective action plan in the two years prior to requesting support from the EISFPS; _________________ 20 Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances OJ L 306, 23.11.2011, p. 25
Amendment 262 #
Proposal for a regulation
Article 3 – paragraph 1 – point d
Article 3 – paragraph 1 – point d
(d) two successive decisions of the Council in the same imbalance procedure in accordance with Article 10(4) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council having established non-compliance by the Member State concerned on grounds that it has not taken the recommended corrective action in the two years prior to requesting support from the EISFPS;
Amendment 303 #
Proposal for a regulation
Article 5 – title
Article 5 – title
5 Supported investmentFinancial assistance
Amendment 306 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1 – introductory part
Article 5 – paragraph 1 – subparagraph 1 – introductory part
A Member State benefitting from EISFPS support shall, in any given year in which it receives an EISFPS loan do the following:
Amendment 307 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1 – point a
Article 5 – paragraph 1 – subparagraph 1 – point a
(a) invest insupport eligible public investment or a national unemployment scheme by an amount corresponding to at least the amount of the EISFPS loan,
Amendment 319 #
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. A Member State benefiting from EPS support and that faces an asymmetric shock may, in any given year in which it receives EPS support use part of it to support its national unemployment system. The percentage of the EPS support a Member State can use under this paragraph shall be determined by the Commission in accordance with Article 6 of this regulation and upon request by the Member State.
Amendment 323 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1
Article 5 – paragraph 2 – subparagraph 1
The year following the disbursement of the EISFPS loan, the Commission shall examine whether the Member State concerned has respected the criteria referred to in paragraph 1. In particular, the Commission shall also verify the extent to which the Member State concerned has maintained eligible public investment in programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development.
Amendment 325 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 – point a
Article 5 – paragraph 2 – subparagraph 2 – point a
(a) requesting the early repayment of whole or part of the EISFPS loan, as appropriate; and
Amendment 327 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 – point b
Article 5 – paragraph 2 – subparagraph 2 – point b
(b) deciding that upon repayment of EISFPS loan the Member State concerned shall not be entitled to receive the interest rate subsidy.
Amendment 330 #
Proposal for a regulation
Article 6 – title
Article 6 – title
6 Procedure for granting EISFPS support
Amendment 346 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The Commission shall decide the terms of the EISFPS support. The decision shall contain the amount, the average maturity, the pricing formula, and the availability period of EISFPS loan and the amount of the interest rate subsidy, and the other detailed rules needed for the implementation of the support. When deciding on the terms of the EISFPS support, the Commission shall take into account the amount deemed to be sustainable within the meaning of Article [210(3)] of Regulation (EU, Euratom) No XX (the ‘Financial Regulation’) under the own resources ceiling for payment appropriations.
Amendment 361 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Without prejudice to paragraph 3, the amount of an EISFPS loan (S) shall be determined in accordance with the following formula:
Amendment 379 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 4
Article 8 – paragraph 1 – subparagraph 4
The Commission may nevertheless increase the amount of an EISFPS loan up to the amount of IS in case of particular severity of the large asymmetric shock experienced by the Member State concerned.
Amendment 395 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. An EISFPS loan shall not exceed 30 percent of the available amount referred to in Article 7 after deduction of the total amount of outstanding loans awarded under EISFPS.
Amendment 397 #
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. An interest rate subsidy (IRS) shall contribute to the interest costs of the EISFPS loan incurred by the Member State. The amount of an EISFPS interest rate subsidy shall be determined in accordance with the following formula:
Amendment 409 #
Proposal for a regulation
Article 10 – paragraph 1 – point b
Article 10 – paragraph 1 – point b
(b) supplement this Regulation by determining rules of complementarity between the financial assistance from the ESM or its legal successor and amounts of EISFPS support calculated in accordance with Articles 8 and 9;
Amendment 415 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The EISFPS loan shall, in principle, be disbursed in one instalment.
Amendment 418 #
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. Where a Member State receives an EISFPS loan carrying an early repayment clause and decides to exercise this option, the Commission shall take the necessary steps.
Amendment 419 #
Proposal for a regulation
Article 12 – paragraph 4
Article 12 – paragraph 4
4. At the request of the Member State or at the initiative of the Commission and where circumstances permit an improvement in the interest rate on the EISFPS loan, the Commission may refinance all or part of its initial borrowing or restructure the corresponding financial conditions.
Amendment 421 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
Without prejudice to Article 9, the costs incurred by the Union in concluding and carrying out each operation shall be borne by the Member State receiving the EISFPS loan.
Amendment 422 #
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. The Member State concerned shall open a special account with its national central bank for the management of EISFPS support received. It shall also transfer the principal and interest due under the EISFPS loan to an account with the ECB fourteen TARGET2 business days prior to the corresponding due date.
Amendment 424 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
Without prejudice to Article 5(2) and Article 16, the interest rate subsidy shall be paid to the Member State concerned at the moment when the Member State repays the EISFPS loan or interest due.
Amendment 425 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. Without prejudice to Article 27 of the Statute of the System of European Central Banks and of the European Central Bank, the European Court of Auditors shall have the right to carry out in the Member State concerned any financial controls or audits that it considers necessary in relation to the management of the EISFPS support.
Amendment 426 #
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. The Commission, including the European Anti-Fraud Office, shall in particular have the right to send its officials or duly authorised representatives to carry out in the Member State concerned any technical or financial controls or audits that it considers necessary in relation to EISFPS support.
Amendment 437 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. The resources of the Stabilisation Support Fund may only be used for the purpose of payment of interest rate subsidies to Member States referred to in Article 9 and support national unemployment schemes.
Amendment 443 #
Proposal for a regulation
Article 19 a (new)
Article 19 a (new)
Article 19a Within five years, at most, of the date of entry into force of this Treaty, on the basis of an assessment of the experience with its implementation, the necessary steps shall be taken, in accordance with the Treaty on the European Union and the Treaty on the Functioning of the European Union, with the aim of incorporating the substance of this Treaty into the legal framework of the European Union.
Amendment 444 #
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. In order to increase the impact of public investment and potential EISFPS support, Member States shall take the necessary actions to achieve and maintain public investment management systems and practices of high quality.
Amendment 450 #
Proposal for a regulation
Article 22 – paragraph 3
Article 22 – paragraph 3
3. The performance reporting system shall ensure that data for monitoring implementation and results are collected efficiently, effectively, and in a timely manner. To that end, proportionate reporting requirements shall be imposed on recipients of EISFPS support.
Amendment 452 #
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1
Article 22 – paragraph 5 – subparagraph 1
An interim evaluation of the EISFPS shall be performed once there is sufficient information available about the implementation of the EISFPS. A final evaluation of the EISFPS shall be carried out by the Commission four years after the entry into force of this Regulation,
Amendment 453 #
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 2 – point b
Article 22 – paragraph 5 – subparagraph 2 – point b
(b) the contribution by EISFPS to the conduct of the economic policies of Member States in such a way as to strengthen cohesion in the Union;
Amendment 462 #
Proposal for a regulation
Annex I – point 1 – paragraph 2
Annex I – point 1 – paragraph 2
The indictors are based on the principles established by this Regulation with regard to the aim and scope of EISFPS, eligibility criteria, and activation criteria.